Union Bank takes digital initiatives with M-passbook

Mumbai, July 6: Taking a step towards digitalisation, state-run Union Bank of India today launched a slew of initiatives such as IMPS at branches and M-passbooks for its customers.

The bank has become the first lender to launch immediate payment service (IMPS) through branches for its retail and corporate customers by integrating the platform to its core banking solution.

This will allow customers to instantly transfer funds to any account from the branch. The limit has been set at up to Rs 2 lakh per day.

"Digital transformation is going to change the dynamics of banking in near future. Digital banking shall replace branch banking and our bank will always be ahead to foray into any venture which brings in technological convenience to customers," chairman and managing director Arun Tiwari told reporters today.

The digital passbook or M-passbook feature will enable customers to view account statement on mobile. The bank also launched a missed call facility through which customers can give a miss call to know the account balance.

Customers can also download the bank's mobile banking app through the 'missed call' facility. The customer will immediately get a link to download the app upon request.

The bank also launched an SMS facility for customers to avail value added services like blocking debit card, balance enquiry and enable or disable user id of internet banking, among others.